PAYOFF PROCEDURES. If the Borrower pays or causes to be paid to the Lender all of the Indebtedness, then the Trustee’s interest in the Real Property shall cease, and upon receipt by the Lender of such payment, the Lender shall either (a) release this Deed of Trust or (b) assign the Loan Documents and endorse the Note (in either case without recourse or warranty of any kind) to a takeout lender, upon payment (in the latter case) of an administrative fee of $750.
Appears in 3 contracts
Samples: Credit Agreement, United Investors Income Properties, Consolidated Capital Growth Fund
PAYOFF PROCEDURES. If the Borrower pays or causes to be paid to the Lender all of the Indebtedness, then the TrusteeLxxxxx’s interest in the Real Property shall cease, and upon receipt by the Lender of such payment, the Lender shall either (a) release this Deed of Trust Mortgage or (b) assign the Loan Documents and endorse the Note (in either case without recourse or warranty of any kind) to a takeout lender, upon payment (in the latter case) of an administrative fee of $750.
Appears in 2 contracts
Samples: Angeles Partners X, Oxford Residential Properties I LTD Partnership
PAYOFF PROCEDURES. If the Borrower pays or causes to be paid to the Lender all of the Indebtedness, then the Trustee’s interest in the Real Property shall cease, and upon receipt by the Lender of such payment, the Lender shall either (a) release this Deed of Trust or (b) assign the Loan Documents and endorse the Note (in either case without recourse or warranty of any kind) to a takeout lender, upon payment (in the latter case) of an administrative fee of $750Trust.
Appears in 1 contract
